Yes. SPUS is a halal ETF: every holding is screened against AAOIFI-based Shariah criteria before it can enter the fund. The screening works in two layers. First, companies operating in non-permissible sectors are excluded outright, including conventional banking and insurance, alcohol, gambling, tobacco, pork-related products and adult entertainment. Second, financial screens remove companies carrying too much interest-bearing debt, using the AAOIFI threshold of 30% of market capitalisation. Only companies passing both layers stay in the index the fund tracks. SPUS is one of the largest Shariah compliant stocks portfolios covering the US market, and it is available to trade on Tabadulat.

Is SPUS Shariah compliant, and who certifies it?

SPUS is Shariah compliant under AAOIFI-inspired screening standards, and compliance is verified independently rather than self-declared. The fund's methodology is reviewed and certified by Ratings Intelligence Partners, a specialist Islamic finance screening body, which provides ongoing validation and periodic review of holdings. Compliance is embedded at the index level: S&P Dow Jones Indices applies the screening rules when constructing the S&P 500 Shariah Industry Exclusions Index, and SPUS simply replicates it. As with all Shariah screening, thresholds reflect a scholarly interpretation, so different providers may apply slightly different limits, and eligibility is reassessed at each rebalance rather than fixed permanently.

What does SPUS invest in?

SPUS invests in US large-cap equities taken from the S&P 500 universe, holding roughly 200 to 230 stocks that survive Shariah screening. It is a fully equity-based fund with no bonds or commodities, offering exposure to major American corporations across technology, healthcare, industrials and consumer sectors. Companies in prohibited industries are removed, as are those exceeding AAOIFI financial thresholds for interest-bearing debt. The result is a Shariah-screened version of broad US market exposure, with a pronounced tilt toward large-cap growth because conventional financials are absent. A small portion may be held in other compliant securities to maintain accurate index tracking.

What index does SPUS track?

SPUS tracks the S&P 500 Shariah Industry Exclusions Index, maintained by S&P Dow Jones Indices. The index starts from the standard S&P 500 and applies two filters: business activity exclusions that remove non-permissible sectors, and financial ratio screens covering leverage, interest-bearing cash and receivables. Companies passing both remain and are weighted by market capitalisation, so the largest compliant companies carry the most influence on performance. SPUS replicates this index passively rather than selecting stocks actively. In practice this makes it a Shariah-filtered version of the S&P 500 rather than a separate thematic strategy, which is why it is often used as a direct halal substitute for a conventional S&P 500 fund.

Does SPUS require dividend purification?

Yes. Even after screening, some holdings generate small amounts of incidental non-permissible income, typically interest earned on corporate cash, so purification applies. With SPUS the responsibility sits with the investor rather than the fund. SP Funds publishes a purification ratio each quarter, calculated on the last day of the quarter and released within 30 days, and provides a purification calculator so investors can work out the exact amount owed on their dividends. That portion is then donated to charity without seeking personal benefit or a tax advantage. This process, known as tazkiyah, is a standard requirement of AAOIFI methodology for all Shariah compliant equity investing.

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SP Funds S&P 500 Shariah Industry Exclusions ETF (SPUS)

SPUS

Shariah-Compliant

SPUS

About SP Funds S&P 500 Shariah Industry Exclusions ETF (SPUS)

The SP Funds S&P 500 Shariah Industry Exclusions ETF (SPUS) is a Shariah compliant US equity ETF tracking the S&P 500 Shariah Industry Exclusions Index. It holds roughly 200 to 230 large-cap American companies drawn from the S&P 500 after both sector and financial screens are applied under AAOIFI standards. Excluded sectors include conventional banking and insurance, alcohol, gambling, tobacco, pork-related products and adult entertainment, while financial screens remove companies whose interest-bearing debt exceeds 30% of market capitalisation. Because conventional financials are screened out, the portfolio weighting is higher in technology, healthcare and industrials. SPUS is listed on NYSE, weighted by market capitalisation, passively managed and rebalanced periodically.

Website:

https://www.sp-funds.com/spus/

Frequently asked questions

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Step 1

Open your account.

Sign up in minutes, verify your identity, and fund your account by secure transfer in the currency you hold. There is no minimum portfolio size and no separate subscription for Shariah screening, so you can start investing in halal stocks and ETFs the same day.

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Step 2

Compare Shariah compliant ETFs.

Open SPUS in the app to see the S&P 500 Shariah Industry Exclusions Index behind it, its 200 to 230 holdings, and its sector mix. You can view it side by side with other halal ETFs and with individual Shariah compliant stocks listed on the platform.

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Step 3

Invest and track, 100% halal.

Buy SPUS in whole or fractional amounts with real-time pricing, then watch it in your portfolio next to everything else you hold. Tabadulat monitors Shariah compliance continuously and alerts you if anything changes, and you can withdraw at any time.

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